Bahamas Central Bank to Introduce State-Backed Pilot Digital Currency

The Central Bank of the Bahamas is planning to launch own state-backed pilot digital currency, according to the report published by Jamaica Observer on June 22.

Earlier this week, K Peter Turnquest, Deputy Prime Minister and Minister of Finance of the Bahamas, made the announcement at the Bahamas Blockchain and Cryptocurrency Conference, saying that the development of a completely digital payment service is the way to go to move forward in this era of governance. He added:

“A digital Bahamian currency is especially important for the many family islands as they have seen many commercial banks downsize and pull out of their communities, leaving them without banking services. As an island nation, where transportation can be an inconvenience for many, especially the elderly, and costly, we must offer financial services digitally and securely.”

According to Turnquest, applying blockchain on a national level would immensely benefit the island of Grand Bahama and help it transform into the “digital heaven for the region”. Moreover, he said he would like to see the government launch a pilot program to issue blockchain-based graduation certificates to graduates of the NTA (National Training Agency). He also expects the government to inspect new ways the technology can be applied for issuing business licenses, national insurance, and passports. He continued:

“Using technology and single points of contact we’re able to eliminate a lot of the human element that facilitates corruption, and so when we talk about applying for government services, if we have a single portal for entry and all of the processing being done behind the scenes, either through electronic data interchange or through human facilitation we can eliminate that point where, we Bahamians call it, you have to tip somebody in order to get service.”

The neighboring island nation of Bermuda is also currently developing a new framework for digital currencies and blockchain. In last few months, the country signed MOU (Memoranda of Understanding) with Binance Group and a blockchain project ‘Shyft’.

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